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<strong>India has delivered 40,000 metric tonnes of fuel to cash strapped Sri Lanka to help it in preventing disruption of diesel supply.&nbsp; The consignment was handed over by the Indian High Commissioner Gopal Baglay to Sri Lankan Energy Minister Udaya Gammanpila and Ports and Shipping Minister Rohitha Abeygunawardena at the Colombo harbour.</strong></p>
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Energy Ministry sources told Sri Lankan news organization <a href="https://island.lk/india-prevents-disruption-of-diesel-supply-here/" rel="nofollow">The Island</a> that Baglay, &ldquo;intervened swiftly after the government sought a stock diesel until USD 500 mn loan offered by India could be finalised.&rdquo;</p>
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According to the news organization Addressing the media at the Colombo harbour, Gammanpila profusely thanked India for coming to Sri Lanka&rsquo;s rescue. He also said that &ldquo;due to severe financial crisis the country was struggling to procure fuel.&rdquo;</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/indian-tourists-flock-to-sri-lanka-as-colombo-resumes-visa-on-arrival-facility-150240.html">Indian tourists flock to Sri Lanka, as Colombo resumes visa on arrival facility</a></strong></p>
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Meanwhile, Sri Lanka&rsquo;s Finance Minister Basil Rajapaksa is expected to pay another visit to India in the next couple of weeks to finalise the economic relief package. Besides, last month, External Affairs Minister S Jaishankar held talks with Sri Lanka&rsquo;s finance minister to discuss ways to enhance cooperation including economic and business between the two countries.</p>
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This will be his second visit in two months. Amid depleting foreign exchange reserves, Sri Lanka&rsquo;s next big challenge will be a $1 billion bond repayment due in July.</p>
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As the Covid 19 pandemic hit hard, Sri Lankan economy is facing a twin challenge of fast eroding foreign exchange reserves and surging inflation. Sri Lanka&rsquo;s President Gotabaya Rajapaksa declared a state of economic emergency in September last year.</p>
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In January, Sri Lanka&rsquo;s Cabinet also gave its approval to India for jointly developing the World War II era Trincomalee oil tank farm, a move that would give a big push to New Delhi. The deal will also help India balance China&rsquo;s presence in the island nation.</p>
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This oil farm facility built by the British as a refuelling station, has a storage capacity of about 1 million tonnes, which is significantly higher than Sri Lanka&rsquo;s demand.</p>
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